News

Compliance, Investments, Property, SMSF

Property development loans add risk

Property development NALI Loans Guarantees SMSFRB 2020/1

SMSF trustees who provide a guarantee for a property development project loan may expose the fund to non-arm’s length income penalties.

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ASIC, Compliance

AFSL cancelled due to adviser misconduct

ASIC Australian financial services licence AFSL Octillion Partners SMSF advice Shane Allen Rose

ASIC has cancelled the license of a Queensland-based advice firm due to the non-compliant activities of one of its SMSF advisers.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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financial advice

Qualified advisers could grow specialist pool

Stockbrokers and Investment Advisers Association Financial advice UniSuper Andrew Gregory Euroz Hartleys Amanda Bryce

The introduction of the qualified adviser into the industry could be the catalyst for increasing specialised practitioners in the future.

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SMSF, Superannuation, Tax

Div 296 tax draft bills approved

Division 296 SELC Senate Economics Legislation Committee Better Targeted superannuation Concessions

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments.

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SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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ATO, SMSF

Law vague re SMSF unit trust role

SMSF Unit trusts NALE NALI LCR 2021/2 SIS Act

Guidance regarding whether SMSF trustees can provide services to a related unit trust without breaching the non-arm’s length income rules is unclear and ambiguous.

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Administration, ATO, SMSF

New trust reporting regime prompt issued

ATO SMSF Trust distribution Trust benefits Annual return

SMSF trustee have been reminded of the new reporting requirements taking effect in the 2024/25 financial year for trust income.

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financial advice, Financial Planning

FAAA wants CSLR funding clarity

AFCA CSLR Dixon Advisory FAAA Financial Advice Association Australia compensation scheme of last resort

The FAAA has once again called on Treasury to explain why advisers should be forced to fund compensation claims arising from the Dixon Advisory case.

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Administration, SMSF, Tax

$3m cap adds to divorce complexity

Divorce Division 296 tax SMSF Withdrawals Contributions Earnings calculation

Calculating a final financial position in the event of a divorce may become more difficult when the Division 296 tax is introduced.

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